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Teaching Monetary Policy with Contrasting Methods
David Wheat Michelle Crook
University of Bergen Roanoke College Developments in Economics Education Conference
University of Birmingham, September 2015
Presentation Goals• To explain our developments in economics education
• To illustrate the benefits of international collaboration, even with contrasting teaching methods
• To encourage participants to consider elements of these types of teaching methods within the scope of their individual classrooms
• My college days• Brief Recession
Early 1990s
Banking Career Starts
1993 • Bank’s 100th Anniversary
• Irrational Exuberance
• Dot Com Era
1999
Career Economic Cycle Highlights
Greenspan 1990s: Economic Expansionary Growth Period
• Record Bank Net Income
• Housing Construction Lending
2006
First Fed Challenge
Team
Fall 2007
Great Recession2007-2009
Career Economic Cycle Highlights
Bernanke 2006: A Career of Unprecedented Monetary Policy
Record Bank Net Loss2011
Janet Yellen FOMC Chair
2014
Best Bank Earnings in 7 years
DEE Conference
2015
Career Economic Cycle Highlights
Bank Experience Meets Classroom Instruction
Fed Challenge Background
• Academic competition sponsored by the Federal Reserve Bank System
• Goal: to improve the understanding of the Fed’s role in the economy
• Goal: to encourage better understanding of the Central Bank and the forces that influence FOMC decisions
Intended Student Learning Outcomes
• Develop research skills
• Engage in group dynamics
• Tap into critical thinking
• Sharpen presentation skills
The Competition
• Demonstration of sound economic theory
• Teamwork
• Ability to respond to questions
• Presentation Skills
TEAM
Team Photo
“Coach” Not
“Professor”
Assigned Roles
“Team Meetings”
Not “Class”
Teaching Method Day 1: Building A Team Concept
Assigned Roles - Areas of Expertise• Employment Situation• GDP & Consumer Confidence• Consumer Price Index (Inflation)• International Influences• Housing• Non-Speaker Role ~ Presentation Guru
• Coach’s Challenge: Quick Assessment
Theme
Economic Data
Economic Data
Economic Data
Economic Data
20 Minute Collaborative Speech and Presentation
Assessment of Economy Prescription for Economy
Teaching Method: Research Skills (Fed’s Advice)
• Publications• Videos• Subscriptions
Teaching Method: Research Tools
Federal Reserve Publications• The Fed Today • In Plain English• A Day in the Life of the
FOMC• FOMC Meeting Minutes• Beige Book• Fed Challenge Handbook
Videos & Subscriptions• Ben Bernanke’s College
Lecture Series• Moody’s www. economy.com• Wall Street Journal Online
subscription• YouTube: Past winning
presentations
INDIVIDUAL SELF-STUDY & READING
COACH’S TEACHING METHOD: RESEARCH SIMULTANEOUSLY WITH STUDENTS
ACADEMIC THEORY COMES TO LIFE
Research Phase
Teaching Method: Modeling Provided By The Federal Reserve
• https://www.frbatlanta.org/chcs/calculator.aspx
Group Dynamics: The Team Meeting
Weekly Reports on Area of Expertise
Calendar of Economic Data Release Dates
Critical Thinking: Draw Conclusions and Build Theme & Flow Chart
Research Turns to Writing
Teaching Method During Writing Phase
• Teach the students how to write a speech versus an academic paper
• Tight writing – Succinct
• Timed competition: what are the absolute most important things to say
Teaching Method: Using Technology• All internet based sources
• Texting the team between weekly meeting
• Social media for team building fun
• “Jeopardy!” classroom game to conclude the semester
Teaching Method: Technology
• The 2012 team used Prezi for their presentation materials.
• Our team was recognized as the first group to students to debut this technology to the Fed judges
Teaching Methods: The Unexpected• Public domain sources work perfectly until a
government shutdown www.bls.gov• External website links (www.prezi.com) won’t clear
security at the Fed on competition day• Real life: teammate forgot dress shoes on
competition day• Hurricane Sandy
Teaching Method: Preparing for Competition• Practice Presentation in front of faculty• Video practice• Q & A Session Drills• Honest feedback:– compliments and constructive criticism
Teaching Method:Coaching on Competition Day
• Coach = cheerleader• Build confidence• Ease nervous energy• Last minute reminders• Remind the students to
savor the moment!
Teaching Methods: Experience
Contribute in new ways
Learn from prior teams
Leaves a legacy
2013 Regional Finalists!
New Contributions
• Reflection Paper Contest – published in Roanomics
• Poster Presentation – Virginia Association of Economists
• Showcase of Experiential Learning
New Contributions
Did I Achieve An Intended Learning Outcome?• To improve the understanding of the Fed’s role in the
economy and to encourage better understanding of the Central Bank and the forces that influence FOMC decisions (beyond their college days)?
What Teaching Method Worked Best?
• Since the topic of our session today is about teaching methods, I wanted to hear from my students on which method worked the best.
What Coaching Technique Gave The Student the Most Confidence to Perform on Competition Day?
Did the Fed Challenge Create Real Life Skills?